Your Colorado Springs Life & Home

Relocating in Retirement: Finding Your Forever Home

• Lori Thompson • Episode 9

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What Should Retirees Consider Before Relocating?

What happens when the retirement relocation dream meets reality? Spoiler alert: grandkids change everything!

In this enlightening conversation, REMAX Properties broker Lori Thompson unpacks the essential considerations for retirees contemplating a move. Drawing from decades of experience helping both military families and civilians find their forever homes, Lori reveals that while grandchildren often become the deciding factor for many retirees, practical considerations still demand attention.

Thinking beyond today's needs proves crucial when selecting a retirement property. Those stairs might be manageable now, but how will they feel in five years? That stunning mountain retreat might offer peaceful solitude, but how far is it from medical care? Lori addresses these forward-thinking questions while emphasizing the importance of long-term affordability—examining not just purchase prices but ongoing costs like property taxes, insurance, and HOA fees that can make or break a retirement budget.

The discussion takes a humorous turn when exploring what happens when couples disagree about where to relocate. Lori's sage advice? "When all else fails, agree with her." But seriously, resolving location differences before moving prevents years of potential discontent. Whether you're planning retirement relocation or just contemplating future possibilities, this episode offers practical wisdom for making choices you won't regret.

Ready to explore retirement relocation options in Colorado Springs? Connect with Lori Thompson at 719-332-1807 or visit online—because your lifetime realtor actually answers her phone!

To learn more about RE/MAX Properties Inc. visit:
https://www.LoriThompson.REMAX.com
RE/MAX Properties Inc.
Colorado Springs
719-332-1807

Speaker 1:

Welcome to your Colorado Springs life and home, where real estate meets real talk and maybe a little too much coffee. Hosted by REMAX Properties, licensed realtor, broker and top producer Lori Thompson, a local legend who's been helping military families and civilians buy and sell homes for over 40 years. Whether you're PCSing, upsizing, downsizing or just daydreaming, lori's got you covered. Why? Because she's your lifetime realtor and she actually answers her phone. Imagine that.

Speaker 2:

Relocating in retirement. Lori breaks down the must-knows from lifestyle fit to long-term planning. Before you pack that first box, welcome back everyone. I am Millie M, co-host and producer back in the studio with Remax Properties licensed realtor and broker, lori Thompson. How are you, lori?

Speaker 3:

Oh, pretty good. How are you doing?

Speaker 2:

today Doing well, let's get into it. What should retirees consider before relocating?

Speaker 3:

You know, that's really a great question, because I have such a variety of reasons why retirees might want to relocate to our area. The number one reason is grandchildren they want to be closer to their grandchildren. Number two would be access to medical, or they lived here before and they want to come back. So, by the way, bear with me, I'm drinking sparkling water here. I really don't want to make funny noises while I'm doing the podcast, but we're going to get all that out of there, yeah.

Speaker 3:

But what's really good is a lot of people. What they have to look at is okay, what do I need long-term? And you have to consider things that people don't always want to consider. For instance, do I want to do any more yard work? Okay, that's a legitimate question. Some people really enjoy it. The next question is okay, right now I'm healthy, but in a few years, how would that be? So that's what I began to look at either low entry or main level living to include the washer and dryer Just different factors that will play into it. Also, long-term affordability. Also long-term affordability.

Speaker 3:

I have friends who've sometimes gone to other states where they may not have a state income tax but they usually recapture it in property taxes. So after a while, with our rising insurance rates right now, they have to look at can I afford to stay here? So I would look at cost of living and I would compare those factors, I would look at the property tax rates, I would look at what's happening with insurance, what's happening with HOA fees, and just to make sure that this is a house I can comfortably stay in and I can comfortably afford long term. So it's hard to have a crystal ball and know everything that's going to happen, but it's a good idea.

Speaker 3:

I also look at access to shopping, access to medical facilities. We do have a really nice VA clinic here. So we have a lot of military retirees and I look at the whole picture of what would be best for you. You know, have you always wanted a home in the mountains? How far away is that from medical services? What will you do in case of an emergency? So there's just variations on what everyone needs Some retirees who could run circles around me and others who need a little bit of additional care. So it's just worthwhile to know what you could be facing.

Speaker 2:

Makes sense, and how does the cost of living in your area compare to some other places in the United States? I know some people live in really major metropolitan areas and they're able to cash out on that equity and buy homes cash in cheaper places.

Speaker 3:

So that's a good question. There's actually a really good website, I think it's called Sperlings, and you can compare different cities. So you can put in, like Colorado Springs, colorado, versus Orlando, florida, and it'll give you a breakdown on everything from the cost of groceries, average cost of utilities. It really is a good site. So you can do that comparison Although, like I said before, when grandkids get involved everything goes out the window. That becomes the priority over groceries.

Speaker 3:

But you know it's good to look at all aspects of the situation, because here's the thing, those grandkids are good to look at all aspects of the situation, Because here's the thing those grandkids are going to come eat you out of a house and home anyway, Exactly so you should be close to Costco so you can both buy what you need for the grandkids. I agree For sure. Are there some common regrets that retirees have after relocating? You know, none really come to mind except for sometimes they might miss the area they came from.

Speaker 3:

So sometimes there is that I grew up in this state and now I'm here, or I had. You know, we have really temperate weather and if we get a blizzard, usually within a day or two it's all cleaned up. So someone coming from upstate New York thinks that we are the Bahamas because they're used to feet and feet of snow that will stay indefinitely. Or if they come from the desert, they actually might prefer the hot weather. So I would say it's adaptation to what they're used to. That would be the only regret I can think of that. I've heard where people really miss friends or a location they'd been at before. So I just had some friends of mine leave Colorado to go off to Florida. I have another friend of mine who is leaving Florida to come back to Colorado. I have another friend of mine who is leaving Florida to come back to Colorado. I don't know what the answer is. So I think the biggest regret is just missing something they had before.

Speaker 2:

Makes sense.

Speaker 3:

What's your advice for couples who may not agree on where to relocate? Oh boy, I just pray for them, because that's something they're going to have to work through, and it's better to decide that before you get to a place it really is, or else you're just going to be torn the entire time. And when all else fails, agree with her.

Speaker 2:

Happy spouse, happy house, right, exactly, exactly, exactly. I think you should probably factor in things like financial considerations. If you have extra money, then you can kind of visit the other place a little bit more frequently, and things like that Definitely. No.

Speaker 3:

I agree it's really a good idea to make those, those house hunting visits to make sure this is the right spot for you, and so if there is a conflict on where we should live, they should make those trips and get that resolved before, before they make a big purchase and end up with regrets to the best of their ability Makes sense.

Speaker 2:

Thanks again, Lori. Your insights are always spot on. We'll see you next time on Colorado Springs life and home.

Speaker 1:

Thanks, millie, we'll see you next time on Colorado Springs Life and Home. Thanks, millie. That's a wrap for this episode of your Colorado Springs Life and Home. Got questions, need advice? Just want to talk about interest rates and granite countertops? Call or text Lori at 719-332-1807. Yes, she'll really respond. Or visit lorithompsonremaxcom to get started with your lifetime realtor, because when it comes to Colorado real estate, lori doesn't just know the market, she is the market. Thank you.